The belt was created by Bob Lee after he did not receive the approval to be nominated president of the WBA. He then decided to leave the organization and create this new title. At first it was not seen as a major belt but Larry Holmes won the title and defended it many times, bringing the belt to the mainstream and to the elite prominence it has in the sport today.

In the late 1990s the IBF was investigated by the FBI for corruption and its president Bob Lee was sent to federal prison for taking bribes and tax evasion.